The U.S. Department of Housing and Urban Development released its monthly report on new residential construction, showing a vast improvement in the housing market from one year ago. The annual rate of housing starts was 866,000, up 2.2% from September, and up 41.9% from October 2011. This key economic indicator plummeted to below 500,000 following the recession and stabilized from 2009 to 2011. Near the end of 2011, however, construction began to increase steadily. While still nowhere near its peak of over two million housing starts, the rate continues to rise. With that said, the annual rate of housing units authorized by building permits - future construction - was down in October. The rate fell 2.7% from September, perhaps indicating a minor decrease in the near future for housing construction.
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